(DAILY NOTION): Wall Street Closes Lower as The Bulls Struggle to Remain in Control

NASDAQ 100 (as of Feb 26, 2021 at 11.50 a.m.)

Source: Yahoo Finance

SPX 500 (as of Feb 26, 2021 at 11.50 a.m.)

Source: Yahoo Finance

US30 (as of Feb 26, 2021 at 11.50 a.m.)

Source: Yahoo Finance

The Wall Street bulls suffered a setback yesterday and as a result, all the three major indices suffered losses. The NAS100 dropped 3.80%, the SPX500 fell 2.78%, and the US30 lost 1.95%.

As inflation fears increased, technology stocks took a hit and dropped 3%. The volatility in the market was also indicated in the CBOE Volatility Index (VIX), which leaped 44%. An interesting thing to note is that GameStop recorded double-digit gains at closing, as reported by Reuters.

Meanwhile, the U.S. Treasury yields continues to rise, with the U.S. 10-year Treasury Yields surging past the 1.5% level yesterday for the first time in February 2020.

Over in the markets, positive U.S. data seemed to lend strength to the bulls to win yesterday’s battle. The fourth-quarter U.S. gross domestic product (GDP) came in at 4.1%, while the initial jobless came in better than expected at 730,000.

In the docket today would be the U.S. House taking a vote on the Biden Stimulus Package. Should this be successfully cleared, the bill can then proceed to the U.S. Senate.

Apart from this, traders would also be keeping an eye out for the results of January’s personal income and spending coming out on Friday, 8.30 am ET, or 9.30 pm (GMT+8).

The Wall Street bulls certainly have a lot on their plate if it wants to hold unto the reins. This week has undeniably been an eventful one. The prevailing question is: who will win the battle on Wall Street as the week closes? Let’s watch.

FOLLOWME User Sentiment (as of Feb 26, 2021 at 11.45 p.m.)

SPX500

Short – 78.16%

Long – 21.84%

NAS100

Short – 53.75%                

Long – 46.25%

US30

Short – 70.97%

Long – 29.03%